hi DJX ...gold trading is easy ... in the off hours ... one big edge is to know where the major gold market is trading at ( the CBOT gold market follows it )
Speaking of too big, I started this a month ago and am simply amazed at how fast it grew. I have personally enjoyed conversing with you guys and learning how others approach YM trading. The irony of this whole thread is even though we all have the same goal here, we are actually competitors. Jmowery, don't let the haters get to you kid, let your trades speak for themselve and they will shut up.
could you explain that a little more on gold I dont get it how it is easy; I must be trading in wrong. Are you saying you look at one chart then trade the CBOT gold either the mini or the 100oz?
djxput You must get the disciplined trader, It really helped me put it all together. Here are the best ones I have read so far. http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=1596050713&itm=9 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0471592242&itm=2 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0132157578&itm=1 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0887309569&itm=10 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0887306675&itm=1 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0887306101&itm=2 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0066620597&itm=3 Trading for a living and The discipline trader are good money management and pyschology/discipline books. Remins. has some great lessons that hold true still today even though it was written over 80 years ago. Pitbull is a about a futures trader who shows what can happen if you believe in yourself and take the risk of beign a trader. I like all of the market wizard books because it shows how everyone has the same goal but different trading styles to obtain it.
oh ... you might even be trading it right ! I must correct myself ... I have not traded gold in recent months ... and do not know if the method I use ( and some other pros use ) still works as well ... I do see from time to time it works like a charm in the cbot metals ( silver is tougher to do this overnight as it is less liquid in cbot silver than cbot gold )
Thanks for the book suggestions Volente; Looks like I will be picking up pit bull and disciplined trader; I have trading for a living (one of my favorite books) its a good book even if you arnt going to use his trading styles. Shows how to put a system together and to trade it. I remember I did try trading using his system once; ie using daily charts and metastock. But I'm leaning away from using all those squiggly lines now still have stoch and MACD up thou just for kicks I really like reminiscense (I cant spell lol) read it many years ago. I've only read one of the wizard books; dont even remember which one. Might see how much amazon charges for em.
Do you think it would be wise to fade today's gap? I have a feeling that it's one of those that are followed by an 100+ point move and won't get closed for at least a few days.
I like the book listing. I'll definately pick up The Disciplined Trader and the Pitbull one as well. Off to school.
It's an excellent book list. I also have a fondness for "How I Made $2,000,000 in the Stock Market", by Nicolas Darvas. I really like the part where he went to New York to be closer to the market. He believed that he could become a better trader by being near the action and the "so called" professionals. He immediately started losing money, and his ability to sense the market rhythm. He eventually left New York and went back to making money in the markets by following the trading system that he took 6 years developing. Charles
Charles, Please back off...we are not interested in the real truth of this business....we are cheerleading here and don't appreciate being told cold hard facts..........remember u must always begin trading with multiple contracts....study dead charts and forums for a couple of months, and throw the account at it....NOW....never listen to liars/losers? like porgie..forget risk/reward and such loser rules..... .......we must take huge risks to make money...get it?? if we remove the risk, we can't gamble....